Beneficial Bank Review: Checking, Savings, CD, Money Market and IRA Accounts

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Updated on Tuesday, September 1, 2020

Beneficial Bank’s checking account options

Free Checking

This bare-bones account has limited fees, but pays no interest.
  • Minimum opening deposit: None
  • Monthly account maintenance fee: None
  • ATM fee: $1.50 at out-of-network ATMs. This fee is waived if you are 50 or older
  • ATM fee refund: None
  • Overdraft fee: $35 if your account’s balance is overdrawn by more than $5

Free Checking is a basic checking account that pays no interest. It also carries no monthly maintenance fee, and can be opened with any amount of money. While there is a fee for out-of-network ATM use, it is waived for customers who are age 50 or older. This is the only account at this bank with any such fee. Unlike many of Beneficial Bank’s checking account options, this one provides no ATM fee refunds when you use out-of-network ATMs.

To open this account, you will need to provide your Social Security number, address and government-issued ID online or in person. Online applicants must be U.S. citizens and residents of the states of Pennsylvania, New Jersey or Delaware.

SEE DETAILS Secured

on Beneficial Bank’s secure website

Interest Checking

To earn an extremely low APY without paying fees, you’ll need a $500 minimum balance or a regular direct deposit.
APYMinimum Balance to Earn APY
0.05%
$0.01
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $8, though this fee can be waived.
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: $35 if your account’s balance is overdrawn by more than $5

Interest Checking, appropriately enough, does offer interest, but the APY is extremely low. While it is nice that there is no minimum balance required to earn this APY, you will be charged a monthly maintenance fee if your balance falls below $500. The only other way to avoid this fee is by establishing a direct deposit, in which case your account balance will not matter.

There are no ATM fees associated with this account. However, there are also no ATM refunds. If this is an important feature for you, read on. A few of Beneficial Bank’s checking accounts do offer these refunds.

You can open this account online or in person. Online applicants must be U.S. citizens and residents of the state of Pennsylvania, Delaware or New Jersey. All applicants should be prepared to provide their government-issued ID, address and Social Security number.

SEE DETAILS Secured

on Beneficial Bank’s secure website

Member FDIC

Campus Checking

This flexible, and virtually fee-free, checking account would be a good fit for Philadelphia-area college students.
  • Minimum opening deposit: $1
  • Monthly account maintenance fee: None
  • ATM fee: None
  • ATM fee refund: Up to $10 per month of ATM fees charged by out-of-network ATM owners
  • Overdraft fee: $35 if your account’s balance is overdrawn by more than $5

Campus Checking is a non-interest-bearing and low-fee checking account option for college students who are between the ages of 18 and 25. Minimum opening deposit requirements are extremely low and there is no monthly maintenance or ATM fee. Students will also get up to $10 of ATM fees charged by outside ATM owners refunded to their accounts every statement cycle.

On top of low fees, this account also offers free incoming wire transfers, which can be especially beneficial for international students who use this method to receive funding from home.

This account can be opened in person or online. Online applicants must be U.S. citizens and residents of the states of Pennsylvania, Delaware or New Jersey. Be prepared to provide your Social Security number, address and government-issued ID.

SEE DETAILS Secured

on Beneficial Bank’s secure website

Start Rewarding Checking

The APY won’t win you over, but the other account benefits might. Watch out for that fee, though.
APYMinimum Balance to Earn APY
0.20%
$0.01
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $20, if your combined balances fall below $10,000
  • ATM fee: None
  • ATM fee refund: Up to $10 per month of fees charged by out-of-network ATM owners
  • Overdraft fee: $35 if your account’s balance is overdrawn by more than $5

Beneficial Bank offers three different deposit account packages with different benefits, including a unique checking account for each package. This account is part of the “Start Rewarding” package and offers the highest APY of any Beneficial Bank checking account. Still, the rates are not really competitive.

You will be charged a monthly fee to operate your Start Rewarding Checking if the cumulative balance of your Start Rewarding Checking, Tiered Savings and Personal Money Market accounts falls below $10,000.

The benefits of this account include up to $10 refund of ATM fees charged by out-of-network ATM owners, free incoming wire transfers, lower mortgage origination fees and a 0.50% APR decrease on HELOCs when you set up automatic payments from your Start Rewarding Checking account.

You can open this account online or in person with your government-issued ID, address and Social Security number. All online applicants must be U.S. citizens who reside in Pennsylvania, New Jersey or Delaware.

SEE DETAILS Secured

on Beneficial Bank’s secure website

Member FDIC

Start Earning Checking

A low-interest checking account that encourages automated savings.
APYMinimum Balance to Earn APY
0.10%
$0.01
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $15, if the combined balance of your accounts falls below $1,000
  • ATM fee: None
  • ATM fee refund: Up to $5 per month of fees charged by out-of-network ATM owners
  • Overdraft fee: $35 if your account’s balance is overdrawn by more than $5

Beneficial Bank’s next package account is “Start Earning.” Its checking account offers even less interest than the previously mentioned one, and it comes with a maintenance fee if your cumulative balance across your Start Earning Checking, Tiered Savings and Money Market account falls below $1,000. It also offers monthly refunds of fees charged by out-of-network ATMs, but only up to $5 per statement cycle.

When you open a Start Earning Checking account, you are agreeing to an automated $25 per month transfer into your Tiered Savings. Automating savings is an effective way to make sure it actually happens, and this could help you reach your savings goals or build your emergency fund at a faster clip.

The only other benefit that carries over from the last package is the 0.50% APR decrease on your HELOC when you set up automatic payments from your Start Earning Checking account.

When you open this account, you will be simultaneously opening a Tiered Savings account. This is to ensure your $25 per month automatic transfer starts off without a hitch. You will need to provide your address, Social Security number and government-issued ID regardless of whether you apply online or in person, but those who apply online will need to be U.S. citizens and residents of the states of Delaware, New Jersey or Pennsylvania.

SEE DETAILS Secured

on Beneficial Bank’s secure website

Member FDIC

Start Benefiting Checking

This banking package for people ages 50 or older comes with free checks.
APYMinimum Balance to Earn APY
0.10%
$0.01
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: $8, if the combined balance of your accounts falls below $1,000
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: $35, if your account’s balance is overdrawn by more than $5

Start Benefiting Checking is available to Beneficial Bank customers who are age 50 or older. You may notice it has the same requirements to waive the monthly maintenance fee as Start Earning Checking, but the amount of this fee is lower with the Start Benefiting package. It also has the same low APY as Start Earning Checking.

You will not receive any ATM refunds with this account, but the 0.50% APR discount on HELOCs with automatic payments is still on the table. You will also receive unlimited free checks.

You can open this account online or in person. If you are applying online, you must be a U.S. citizen who has established residence in the states of New Jersey, Pennsylvania or Delaware. All applicants should be prepared to supply their government-issued ID, address and Social Security number.

SEE DETAILS Secured

on Beneficial Bank’s secure website

Member FDIC

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How Beneficial Bank’s checking accounts compare

Checking accounts traditionally don’t pay a ton of interest, but things have changed a bit with the advent of online-only financial institutions. Because these banks don’t have as many overhead costs, they pass the savings along to consumers via higher interest rates on deposit accounts.

Because of this, Beneficial Bank’s APY offerings are not the best on the market. You can find better checking account offerings elsewhere. However, if you are taking out a HELOC or mortgage with Beneficial Bank, or if you are an international student who would benefit from free inbound wire transfers, the APY may not be the most relevant metric.

Beneficial Bank’s savings account options

Passbook Savings

An in-person-only savings account with a low APY.
APYMinimum Balance to Earn APY
0.15%
$25
  • Minimum opening deposit: $25
  • Minimum balance to earn APY: $25
  • Monthly account maintenance fee: $3 if your balance falls below $50
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: $35 if your account’s balance is overdrawn by more than $5

Passbook Savings is an in-person-only account, meaning you can only complete transactions by visiting a Beneficial Bank branch. Interest rates offered on this account are low, and there is a maintenance fee if your account balance falls below $50.

While this account is subject to Regulation D, there is no danger of accidentally making more than six withdrawals per month. Every transaction must be done in person, and your teller will not allow you to make an excessive withdrawal.

You will need to visit a branch in person in order to open this account. Come prepared with your Social Security number, address and government-issued ID.

SEE DETAILS Secured

on Beneficial Bank’s secure website

Member FDIC

Statement Savings

Low APY offerings on this basic account will leave you wanting to look at others.
APYMinimum Balance to Earn APY
0.25%
$25
  • Minimum opening deposit: $25
  • Minimum balance to earn APY: $25
  • Monthly account maintenance fee: $5, if your daily balance falls below $50
  • ATM fee: $1.50 at out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $35, if your account’s balance is overdrawn by more than $5

Statement Savings also offers a low APY, but charges a slightly higher fee than Passbook Savings if your balance falls below $50. While none of the interest rates on Beneficial Bank’s savings accounts are competitive, you’d be better off with a student account or Tiered Statement Savings. However, there are additional qualifiers to open any of those accounts.

All savings accounts in the United States fall under Federal Reserve Regulation D. This rule allows up to six certain withdrawals per month. If you make more than six withdrawals, you will be charged a $10 fee for each subsequent withdrawal. If you do this too often, your account will be shut down.

Regulation D only covers “convenient” withdrawals, though, so a good workaround is to make any excess withdrawals in person at your local branch.

You can open this account online or in person. If you apply online, you must be a U.S. citizen with residency in New Jersey, Pennsylvania or Delaware. All applicants will need to present their government-issued ID, address and Social Security number in order to open this account.

SEE DETAILS Secured

on Beneficial Bank’s secure website

Member FDIC

Student Saver

Your child can get a $10 sign-up bonus just for opening their savings account.
APYMinimum Balance to Earn APY
0.30%
$0.01
0.30%
$250
0.40%
$500
0.45%
$750
0.50%
$1,000
  • Minimum opening deposit: $5
  • Minimum balance to earn APY: Varies depending on desired rate
  • Monthly account maintenance fee: None
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: $35, if your account’s balance is overdrawn by more than $5

Children under age 18 can open this account, which offers tiered interest rates higher than those you’ll find on basic Statement Savings. There are no account maintenance fees, and your child can easily open this account with one week’s worth of allowance money. At this time of publishing, Beneficial Bank is running a promotion where it will give your child a $10 bonus just for opening this account.

This account is subject to Regulation D, so make sure your child knows that they are allowed up to six certain withdrawals per month.

This account must be opened in person with your child. Bring along their Social Security card if you have it, but absolutely be prepared to provide your own government-issued ID, address and Social Security number when you visit.

SEE DETAILS Secured

on Beneficial Bank’s secure website

Member FDIC

Campus Savings

A low-fee, tiered-interest-rate savings account for young college students.
APYMinimum Balance to Earn APY
0.30%
$0.01
0.35%
$500
0.40%
$1,000
0.45%
$1,500
0.50%
$2,500
  • Minimum opening deposit: $1
  • Minimum balance to earn APY: Varies depending on desired APY
  • Monthly account maintenance fee: None
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: $35, if your account’s balance is overdrawn by more than $5

Campus Savings is similar to the Student Saver account, but the minimum balance requirement to earn those interest rates are higher for this age range (18-25). However, there are still no monthly maintenance fees or ATM fees on this savings account for college students. Do be sure your college student is aware of the $10 excessive withdrawal fee if they make more than six withdrawals per month, though.

You can open this account online or in person. You will need your government-issued ID, Social Security number and address to get started. If you are applying online, you must be a U.S. citizen with residency in Pennsylvania, New Jersey or Delaware.

SEE DETAILS Secured

on Beneficial Bank’s secure website

Member FDIC

Tiered Statement Savings

This savings account is only available to those who hold a Start Rewarding, Start Earning or Start Benefiting checking account package.
APYMinimum Balance to Earn APY
0.25%
$0.01
0.30%
$1,000
0.90%
$2,500
0.90%
$5,000
0.90%
$10,000
0.90%
$25,000
0.90%
$100,000
0.90%
$500,000
  • Minimum opening deposit: $25
  • Minimum balance to earn APY: Varies depending on desired APY
  • Monthly account maintenance fee: None
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: $35, if your account’s balance is overdrawn by more than $5

Tiered Statement Savings, which is also subject to Regulation D, has the highest APY offering of any of Beneficial Bank’s savings accounts. But in order to take advantage of it, you will need to have a Start Earning, Start Benefiting or Start Rewarding checking account as well.

While these rates are the highest on a savings account offered by Beneficial Bank, they are not the best rates around. The best rates are at least double what Beneficial Bank is currently offering.

If you have already opened Start Earning Checking, this account was opened as a part of that process. If you have Start Rewarding or Start Benefiting checking, you will have to make it known that you would like to open a Tiered Savings account, too. You can open this account in person or online, though online applicants should know that they must be U.S. citizens currently residing in Pennsylvania, New Jersey or Delaware. All applicants will need to provide their government-issued ID, Social Security number and address.

SEE DETAILS Secured

on Beneficial Bank’s secure website

Member FDIC

Club Statement Savings

A club account that remains flexible — as long as you’re consistently putting money into it every month.
APYMinimum Balance to Earn APY
0.35%
$0.01
  • Minimum opening deposit: $1
  • Minimum balance to earn APY: None
  • Monthly account maintenance fee: None
  • ATM fee: None
  • ATM fee refund: None
  • Overdraft fee: $35, if your account’s balance is overdrawn by more than $5

Traditionally, club accounts allow you to save up for special occasions or holidays. You save money into the account, and your financial institution will release your money from your club account to your checking account on a set date. While you can set up this type of automatic transfer at Beneficial Bank, setting a hard date is not a requirement. That means there are no early withdrawal fees associated with this account, since you can move your money at any time.

You do, however, have to have an automatic deposit from one of your other accounts set up to happen at least once per month. If you do not, there is a $5 monthly fee. You will also face the $10 excessive withdrawal fee if you make more than six withdrawals per month.

You can open this account at your local branch with your government-issued ID, Social Security number and address.

SEE DETAILS Secured

on Beneficial Bank’s secure website

Member FDIC

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How Beneficial Bank’s savings accounts compare

Beneficial Bank’s savings account APY offerings are extremely low. Even its highest rate, offered on the Tiered Statement Savings account, is less than half the APY offered by the best high-yield savings accounts on the market. If you want to watch your savings grow at a decent clip, you may want to look elsewhere.

If you do want an account at Beneficial Bank, you’ll probably want to either bundle your savings with a checking account or qualify for one of their special accounts for students or older customers.

Beneficial Bank’s CD rates

Time Deposits

A competitive product at the longest and shortest term lengths that falters for all the terms in between.
TermAPY
3 to 5 Months1.25%
6 to 11 Months1.50%
12 to 23 Months 1.90%
24 to 35 Months1.90%
36 to 47 Months1.75%
48 to 59 Months1.75%
60 Months1.75%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: Calculated as a prorated amount of your interest earnings depending on how far along you are into the term. Check with the bank before committing.

While Beneficial Bank’s Time Deposits do not carry the highest APY for CDs on the market, they are fairly competitive — especially at the highest and lowest interest tiers. Its required minimum deposit is extremely reasonable, and early withdrawal penalties are standard. Its option to open a Time Deposit for a term of 3 to 5 months may be appealing for depositors with financial needs in the near future.

You can open a Time Deposit online or in person. If you are opening one online, you must be a U.S. citizen with residency in New Jersey, Delaware or Pennsylvania. Prepare your government-issued ID, address and Social Security number before you go to apply.

SEE DETAILS Secured

on Beneficial Bank’s secure website

Member FDIC

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How Beneficial Bank’s CD rates compare

For terms that are not extremely short or long, Beneficial Bank’s Time Deposit interest rates fall nearly an entire percentage point below the best offers on the market. However, rates are much more competitive when you look at offerings on the 60 month term.

Not all financial institutions offer terms as short as 3 months, but Beneficial Bank does. In fact, it doesn’t just offer them — it offers one of the highest APYs on the market for this term by leaps and bounds.

For all those terms in between, though, you’re going to want to shop around for better CD rates.

Beneficial Bank’s money market account option

Personal Money Market

Low APY offerings make this account unattractive.
APYMinimum Balance to Earn APY
0.20%
$0.01
0.30%
$5,000
0.75%
$25,000
0.80%
$100,000
0.90%
$500,000
0.90%
$1,000,000
  • Minimum opening deposit: $1,000
  • Minimum balance to earn APY: Varies depending on desired APY
  • Monthly account maintenance fee: $10 if your daily balance falls below $1,000
  • ATM fee: $1.50 at out-of-network ATMs
  • ATM fee refund: None
  • Overdraft fee: $35, if your account’s balance is overdrawn by more than $5

Your Start Earning, Start Benefiting or Start Rewarding package comes with a Personal Money Market account included. While benefits like a decreased APR on HELOCs may be a draw for you, the money market account itself probably doesn’t do as much to compel you.

The interest rates on this account are very low for a money market account. You are likely going to want to store your money elsewhere to see it grow at a faster pace.

It’s important to note that this money market account also falls under Regulation D. This means aside from visiting your teller in person to make a withdrawal, you will only be able to make up to six certain withdrawals per month without incurring a $10 excessive withdrawal fee.

Should you choose to open this account, you will be able to do so in person or online. Online applicants must be U.S. citizens who live in the state of Pennsylvania, New Jersey or Delaware. All applicants should be prepared with their government-issued ID, address and Social Security number.

SEE DETAILS Secured

on Beneficial Bank’s secure website

Member FDIC

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How Beneficial Bank’s money market account compares

Much of the competition offers more than double the rates Beneficial Bank offers on its money market accounts. In one case, you can even find quadruple the rates when you shop around. If you need to keep your money in the Personal Money Market account in order to meet cumulative account minimum balances for your Start Rewarding, Start Earning or Start Benefiting package, it’s worth considering keeping your money here. Otherwise, find another money market account to stash your cash.

Beneficial Bank’s IRA options

IRA CD rates

IRA Time Deposits

Rates become less competitive when they’re found inside an IRA.
TermAPY
6 to 11 Months1.50%
12 to 23 Months1.90%
24 to 35 Months1.90%
36 to 47 Months1.75%
48 to 59 Months1.75%
60 Months1.75%
  • Minimum opening deposit: $500
  • Minimum balance amount to earn APY: $500
  • Early withdrawal penalty: Calculated as a prorated amount of your interest earnings depending on how far along you are into the term. Check with the bank before committing.

Some financial institutions up their rates a little when a CD is inside of an IRA. Beneficial Bank does not. That means that while its rates were marginally competitive outside of an IRA, inside it they are simply too low for serious consideration. The term length that performs the best for consumers of Beneficial Bank’s services, which is the 3 to 5 month term outside of an IRA, does not exist here.

You must open this account in person. Bring your government-issued ID, address and Social Security number.

SEE DETAILS Secured

on Beneficial Bank’s secure website

Member FDIC

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How Beneficial Bank’s IRA CD rates compare

While these aren’t the worst APY offerings around, you can do better. When you have a conservative portfolio, you want to make sure you’re maximizing your profit wherever possible. Since it is possible to get better rates elsewhere, shop around for better IRA CDs.

Overall review of Beneficial Bank’s banking products

When you judge by APY alone, there are very few areas where Beneficial Bank shines. Rates on checking, savings, money market and most CD terms are not very competitive. The best product offered by this bank is the 3 to 5 month Time Deposit, which has high rates when held up to the competition.

However, there are unique benefits to holding a deposit account with Beneficial Bank outside of APY offerings. If you would like to take out a mortgage or HELOC with this bank, certain checking accounts and their associated packages can help you score a discount. The accounts with these added benefits in one form or another include the bank’s Start Earning, Start Rewarding and Start Benefiting packages.

International students may be drawn to Campus Checking, as it allows for free wire transfers from home even if APY offerings aren’t the most competitive on the market.

Ultimately, whether or not Beneficial Bank’s deposit accounts are a good deal is going to be entirely dependent on your holistic money situation rather than a simple APY comparison. Make yourself aware of the benefits of each account outside of interest rates to make the best decision for your individual needs.

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